K-Electric seeks govt help for settlement of dues with official entities

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The government has asked the out-going K-Electric (K-E) management to reconcile their payables and receivables with the respective government entities in a fair manner as it wants to resolve the pending issues in a fair and equitable manner.

With respect to pending settlement issues, a delegation of the K-Electric (K-E) called on Finance Minister Ishaq Dar on Wednesday.

Head of K-Electric delegation, Umar Lodhi informed the finance minister of the electricity situation in Karachi and the steps taken by the company to improve the supply of electricity to various areas in the metropolis.

They briefed the ministers on the status of payables and receivables of the K-E with regard to various government entities and suggested ways to resolve the pending issues.

The finance minister assured the delegation of full cooperation and support of the Ministry of Finance for a settlement of the outstanding issues between the K-E and various federal government entities. He said that the government wants to resolve the pending issues in a fair and equitable manner and the company should reconcile their payables and receivables with the respective entities in a similar spirit.

The delegation informed that negotiations for investment of Shanghai Power in the K-E were progressing and the matters were likely to be finalised soon. The Chinese side has carried out its due diligence and is satisfied with the financial position of the company, Lodhi informed. The meeting was also informed that the Abraaj Group is planning to invest around $ 150 million in the banking and health sectors in the country. Abraaj group is also the major shareholder of the K-E.

Dar appreciated the planned investment venture of the Abraaj Group and added that liberal investment regime and incentives offered by the government encouraged investment in different sectors of the economy.

Minister for Water and Power Khawaja Muhammad Asif, senior officials of the ministries of finance, petroleum, and water and power participated in the meeting.